Debt Load
Trump’s debt almost doubled, to an estimated $630 million from $350 million, as he drew down on a $170 million line of credit from Deutsche Bank AG for a hotel project in Washington. Trump has said he will spend $200 million renovating the Old Post Office building, blocks from the White House. It’s scheduled to open this year.
At the same time, Trump’s liquid assets shrunk to about $170 million from $225 million, based on the high end of value ranges for those assets listed in his financial disclosure form. A comparison with the disclosure he filed last year shows he sold corporate bonds and shares of U.S. companies including Apple Inc. and Bristol-Myers Squibb Co.
Trump loaned about $50 million to his campaign but doesn’t plan on recouping the amount, he said in a June statement.
The value of Trump Tower in New York increased to $600 million from $490 million as Gucci, its largest tenant, increased the rent it pays to occupy the bulk of the building’s retail space. Trump owns the building’s 27 commercial floors and a three-floor penthouse that serves as his primary residence, which is valued at $90 million. The remainder of the 58-floor tower is occupied by condominiums that Trump doesn’t own.
Trump borrowed $100 million against the tower in 2012 from Ladder Capital Corp., a commercial mortgage lender, according to a public filing. He personally guaranteed $8 million and only has to pay interest on the debt until 2022, when the principal is due, the filing shows.
Nike Store
Around the corner, Trump owns the leasehold for 6 East 57th St., where he has rented the 90,000-square-foot building to Nike Inc. since 1995. Trump pays about $3 million to the deed holders annually for the right to rent the space, an arrangement valued at $520 million, $50 million more than a year ago. He’s almost finished paying off a $92.7 million bond issued against the property.
“It really is the best brand building in the city,” said Faith Hope Consolo, retail brokerage chairman at Douglas Elliman Real Estate. “It’s a super store with a super landlord.”
Trump’s office building at 40 Wall St. was appraised at $540 million, according to a September filing by Wells Fargo & Co., about the same as what Bloomberg said the tower was worth last July. Trump owns the rights to lease the building and collect rents but doesn’t own the deed. He pays $1.65 million in annual rent to the building’s deed holders, the filing shows. He refinanced $160 million of debt on the building last year with Ladder Capital, personally guaranteeing $26 million.